Where assessee handed over possession of property to builder on first instalment of sale consideration, transfer of property took place when said instalment was received

IT : Where assessee handed over possession of property to builder on first instalment of sale consideration, transfer of property took place when said instalment was received
■■■
[2014] 49 taxmann.com 263 (Kerala)
HIGH COURT OF KERALA
Commissioner of Income-tax, Cochin
v.
Cochin Stock Exchanges Ltd.*
DR. MANJULA CHELLUR, CJ.
AND A.M. SHAFFIQUE, J.
IT APPEAL NO. 93 OF 2010†
JANUARY  1, 2014
Section 2(47), read with section 45, of the Income-tax Act, 1961 - Capital gains - Transfer (Immovable property) - Assessment year 2004-05 - Whether if a transaction involves allowing of possession of any immovable property to be retained in part performance of a contract of a nature referred to in section 53A of Transfer of Property Act it amounts to transfer - Held, yes - Whether where assessee handed over possession of property to builder on first instalment of sale consideration, transfer of property took place when said instalment was received - Held, yes [Paras 10 and 11] [In favour of revenue]
P.K.R. Menon and Jose Joseph for the Appellant. Joseph Kodianthara, Joseph Markose, V. Abraham Markos, B.J. John Prakash, Terry V. James and Tom Thomas for the Respondent.